Blackstone reported record results for FY2025, with distributable earnings of $1.75 per share in Q4 and $5.57 per share for the full year. Management highlighted strong fundraising momentum ($240B for the year), a resurgence in IPO and M&A activity, and a bullish outlook for 2026 driven by AI investment and deal cycle acceleration. The only specific cross-company mention was the $18B privatization of Hologic. Record full-year distributable earnings of $7.1B, up 20% YoY
Blackstone reported record results for FY2025, with distributable earnings of $1.75 per share in Q4 and $5.57 per share for the full year. Management highlighted strong fundraising momentum ($240B for the year), a resurgence in IPO and M&A activity, and a bullish outlook for 2026 driven by AI investment and deal cycle acceleration. The only specific cross-company mention was the $18B privatization of Hologic. Record full-year distributable earnings of $7.1B, up 20% YoY
Blackstone reported record results for FY2025, with distributable earnings of $1.75 per share in Q4 and $5.57 per share for the full year. Management highlighted strong fundraising momentum ($240B for the year), a resurgence in IPO and M&A activity, and a bullish outlook for…
Record full-year distributable earnings of $7.1B, up 20% YoY
Q4 inflows of $71B, highest in 3.5 years; full-year inflows ~$240B
Private wealth fundraising up 53% YoY to $43B
Management highlighted AI as a key driver of economic growth, fueling an investment meta-cycle in AI, power, and electrification. They emphasized their leading position in digital infrastructure, including data centers and power generation, and expect this to propel U.S. economic growth for years.
Management is highly confident about continued fundraising growth and a cyclical recovery in deal activity, driving a bullish forward tone.
Capital expenditure is not explicitly discussed, but management noted investing $138 billion across the firm in 2025, the highest in four years, with significant deployment into digital infrastructure, data centers, power, and electrification to capitalize on the AI-driven investment boom.
Management expressed strong confidence in the firm's growth prospects, citing record results, robust fundraising, and a favorable cyclical recovery in transaction activity.
“We were also encouraged by what we were seeing on the ground in terms of moderating inflation in the context of limited input and labor cost growth at our companies, as well as our real-time understanding of shelter costs, given our unique”
Blackstone's privatization of Hologic signals a large medtech buyout, providing a substantial liquidity event for Hologic shareholders and indicating strong M&A appetite.
“We also took advantage of volatility in markets to sign or close eight privatizations during the year in private equity and real estate, including in the fourth quarter, medical technology company Hologic for $18 billion.”
… accelerate, including a resurgence in capital markets activity. First, in terms of our investments, our data gave us the confidence to lean into key thematic areas such as digital infrastructure, including data centers, power, and electrification, private credit, life sciences, and from a regional perspective, India and Japan. These areas have been among the largest drivers of appreciation in our funds. We also took advantage of volatility in markets to sign or close eight privatizations during the year in private equity and real estate, including in the fourth quarter, medical technology company Hologic for $18 billion. And in credit, we saw record deployment in 2025, including the emergence of an important new source of direct origination, customized long duration capital solutions for investment grade corporates. We've executed multiple of these to date and we expect to do more over time. In total, we invested $138 billion across the firm in 2025, the highest level in four years, planting the seeds of future value. Stepping back, the historic pace of investment taking place in the US to facilitate the development of artificial intelligence, including the design and …